"While the [economic] news is encouraging" in the weeks since
Brexit "we believe it has no bearing on the cloudy longer-term
outlook for the U.K. economy," said economist Sophie Tahiri
and her team at S&P.

Ahead of the referendum on Britain's membership of the EU on June
23, almost all of the economists and analysts warned the UK to
expect a recession if it plumped for Brexit.

Brexit supporters have seized on this to claim that the
pre-Brexit economic forecasts were simply scare tactics used by
"Project Fear," the name given to the Remain camp by Vote Leave.

But S&P says:

"Any celebration about the rebound in August and conclusion that
life has returned to "business as usual" may prove to be
premature or even a mirage. The uncertainty surrounding the U.K's
future outside of the E.U. and the associated economic risks,
which we think are pronounced and predominantly skewed to the
downside, is likely to gradually take its toll, particularly on
investment, as businesses start dealing with the new Brexit
reality."

Tahiri and team say August's data "has no bearing on the cloudy
longer-term outlook for the U.K. economy."